The UK looks set to face another 20 years of rock-bottom interest rates, Bank of England policymaker Ian McCafferty has said, a week after the central bank took its first steps in returning rates back to pre-financial crisis levels.

A lack of activity in the UK housing market could make it more difficult for Bank of England policymakers to raise interest rates, surveyors have said.
There has been widespread speculation of a potential increase in the Bank rate in May from its level of 0.5%.

Lending for mortgages jumped in January by nearly a tenth, but borrowing by businesses to invest dropped back amid Brexit uncertainty, according to official figures that paint a “sluggish” picture of the UK economy.